Kyriakos Iordanou: Tax reform is a strategic choice that will determine the course of the economy

"Simplifying and accelerating procedures, reducing bureaucracy and creating a balanced tax environment are crucial to tax reform," according to Kyriakos Iordanou, General Manager of the Institute of Certified Public Accountants of Cyprus (ICPAC), as expressed in his address at the 8th Cyprus International Tax Conference in Nicosia.

Iordanou initially explained that taxation is a cornerstone for sustainable economic development and that the need for a simplified, efficient and fair tax mechanism is now imperative.

This should be a system that will not only function as a tool for collecting state revenue, but also as a lever for strengthening the country's competitiveness and strategic development.

Kyriakos Iordanou stressed that the tax regime must be aligned with Vision 2035, Cyprus' long-term strategic economic development plan. In this context, he underlined the importance of digitalisation, transparency and tax justice, elements that will ensure an efficient and reliable tax environment.

Another critical issue Iordanou raised is the simplification and acceleration of procedures, reducing bureaucracy and creating a balanced tax environment, where the distribution of tax burdens and reliefs will be applied in a proportionate and fair manner.

Strengthening the competitiveness and attractiveness of Cyprus as an investment destination is a priority, he said.

The goal is to adopt a flexible tax system, which will maintain the transparency and effectiveness of control mechanisms, while creating an environment that will encourage businesses to invest and grow.

In closing, Kyriakos Iordanou emphasised that ICPAC is ready to cooperate with the government to promote the necessary tax reforms.

As he stated, "tax reform is not only a legal obligation, but also a strategic choice that will determine the course of the economy for the coming decades."

(Source: InBusinessNews)